Key benchmark indices were hovering near the flat line in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was off 3.19 points or 0.01% at 25,847.11. The 50-unit Nifty 50 index was currently off 5.75 points or 0.07% at 7,860.20. The market breadth indicating the overall health of the market was strong. On BSE, 1,518 shares rose and 958 shares fell. A total of 216 shares were unchanged. The BSE Mid-Cap index was currently up 0.47%. The BSE Small-Cap index was currently up 0.54%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks witnessed mixed trend. US stocks closed higher for the third straight session yesterday, 23 December 2015, led by outsize gains in the energy and materials sector stocks as crude oil futures rebounded after the weekly crude oil data showed US crude inventories posted an unexpectedly large decline last week.
UltraTech Cement was up 0.02% at Rs 2,818.75. The company has clarified that according to newspaper reports, the Agriculture and Water Resources Minister, Government of Chhattisgarh made a statement in the assembly that the department will cancel a no-objection certificate (NOC) granted to the company for a limestone mine spread over the villages of Moharanga, Math, Kharora and Mura in Chhattisgarh and a fresh survey will be conducted for the mines allotted. UltraTech Cement said that no mining activity has commenced in these mines as these mines are for future expansion of the business. The company further said that the cancellation of NOC for the mines will not have any impact on the company's existing operations.
IT shares were mixed. TCS (up 0.48%), Hexaware Technologies (up 0.43%), Wipro (up 0.31%), Tech Mahindra (up 0.12%) and HCL Technologies (up 0.05%) edged higher. Infosys (down 0.33%), Oracle Financial Services Software (down 0.34%), MphasiS (down 0.4%), Persistent Systems (down 0.66%) and MindTree (down 0.92%), edged lower.
Pharmaceutical shares were mixed. Divi's Laboratories (up 0.57%), Cipla (up 0.49%), Piramal Enterprises (up 0.33%), Dr Reddy's Laboratories (up 0.17%) and Cadila Healthcare (up 0.09%) edged higher. IPCA Laboratories (down 0.09%), GlaxoSmithKline Pharmaceuticals (down 0.12%), Wockhardt (down 0.13%), Strides Shasun (down 0.64%) and Glenmark Pharmaceuticals (down 0.87%) edged lower.
Aurobindo Pharma rose 0.92% after the company said that it has received final approval from USFDA to manufacture and market Famotidine Tablets USP, 20 mg and 40 mg, in the US. Aurobindo Pharma said that the approved Abbreviated New Drug Application (ANDA) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Pepcid Tablets, 20 mg and 40 mg, of Valeant Pharmaceuticals International, Inc. Famotidine Tablets are used for the short-term treatment of gastroesophageal reflux disease and active duodenal ulcer. The approved product has an estimated market size of $29 million in the US for the twelve months ended October 2015, according to IMS.
Biocon surged after the company during market hours today, 24 December 2015, announced the introduction of an advanced novel therapy CIMIVIR-L for the treatment of Hepatitis C in India. The stock jumped 5.35% to Rs 507.50. The stock hit high of Rs 512 in intraday so far, which is a 52-week high for the stock. The stock hit a low of Rs 484 so far during the trading session.
Biocon said that CIMIVIR-L is a fixed dose combination of Ledipasvir 90 mg and Sofosbuvir 400 mg, which is an equivalent of the innovator product commercialized by Gilead Sciences in the US. The Drugs Controller General of India (DCGI) recently approved the sale of Sofosbuvir-Ledipasvir combination, which is being manufactured in India under a license from Gilead. CIMIVIR-L will be made available to patients in India at a fraction of the global cost of the innovator brand. The cost of a 12-week course of this combination therapy in the US is $94,500 (about Rs 63 lakh). Hepatitis C is a viral disease that causes liver inflammation leading to diminished liver function or liver failure.
In keeping with its commitment to introduce innovative therapies at an affordable price to patients, Biocon had entered into a licensing agreement last year with US-based Gilead to manufacture and commercialize its chronic Hepatitis-C blockbuster product range, Sofosbuvir and Sofosbuvir-Ledipasvir combination in India and in select emerging markets.
Sun Pharmaceutical Industries (Sun Pharma) rose 0.42% after its wholly owned subsidiary Sun Pharma Laboratories raised Rs 1000 crore from unsecured redeemable non-convertible debentures on private placement basis under two series. The Series 1 debentures amounting to Rs 500 crore have a tenor of 24 months and Series 2 debentures amounting to Rs 500 crore have a tenor of 39 months.
Lupin rose 0.28% after receiving final approval for its Potassium Chloride Extended Release Capsules USP, 8 mEq and 10 mEq from the United States Food and Drug Administration (USFDA), to market a generic version of Actavis Labs FL, Inc's Potassium Chloride Extended Release Capsules USP, 8 mEq and 10 mEq. Lupin's US subsidiary, Lupin Pharmaceuticals Inc. would commence promoting the product in the US shortly. The announcement was made after market hours yesterday, 23 December 2015.
Lupin's Potassium Chloride Extended Release Capsules USP, 8 mEq and 10 mEq, are the AB rated generic equivalent of Actavis Labs FL, Inc's Potassium Chloride Extended Release Capsules USP, 8 mEq and 10 mEq. It is indicated for the treatment of patients with hypokalemia, with or without metabolic alkalosis, in digitalis intoxications and in patients with hypokalemic familial periodic paralysis. It is also indicated for the prevention of hypokalemia in patients who would be at a particular risk. Potassium Chloride Extended Release Capsules had annual sales of $85.6 million in the United States as per IMS MAT September 2015 data.
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